Gov’t support needed for economic recovery: business leader
Government support policies are urgently needed for businesses affected by the COVID-19 pandemic in order to protect the national economy and people’s livelihoods, according to a business leader.
Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc (Photo: VNA)
Hanoi (VNA) – Government support policiesare urgently needed for businesses affected by the COVID-19 pandemic in orderto protect the national economy and people’s livelihoods, according to abusiness leader.
In an interview granted to theVietnam News Agency, Chairman of the Vietnam Chamber of Commerce and Industry(VCCI) Vu Tien Loc said Vietnam has a chance to step out of the downturncaused by the pandemic earlier than other economies.
Despite budget difficulties, the Government has putin place solutions and policies on fiscal, credit and social security tosupport businesses and people amid the impacts of the pandemic, he stressed.
Loc underlined the importance of gradually resuming activities in the domesticmarket through stimulating demand and circulation of goods given that exportsare yet to recover.
Nearly 800,000 businesses andmillions of business households and individuals are being affected by the disease,Loc said, adding that many businesses have closed, dissolved or scaled down production.
According to Loc, millions of workers are at risk of losing their jobs.
The re-opening of the domestic market is an urgent need as well as a bigopportunity for Vietnam to recover its economy, he said.
He urged the Government to repromote the “Vietnamese people give priority to using Vietnamesegoods” campaign,thus helping the business community to tap into the domestic market of nearly100 million people.
Loc also proposed the Government establish a steering committee andworking group to re-start the national economy and support the business community./.
The acute respiratory disease caused by a novel coronavirus (COVID-19) has highlighted an urgent need for Vietnam to boost its economic restructuring and diversify its markets.
Almost 35,000 enterprises withdrew from the market in the first quarter of this year due to the ongoing COVID-19 pandemic, according a survey conducted by the Vietnam Chamber of Commerce and Industry (VCCI).
Up to 73 percent of businesses have offered timely support to workers amid the COVID-19 pandemic, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said.
The garment industry was suffering an unprecedented crisis due to COVID-19, but the pandemic also brought significant opportunities for Vietnam to become the world’s face mask factory.
The fact that nearly 35,000 enterprises have now withdrawn from the market three months after the COVID-19 outbreak first appeared in Vietnam reveals the huge impact it has had on business and production.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc (Photo: VNA) 
